UniCredit
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The covered bond market enjoyed its busiest week in the last three years as 16 borrowers launched benchmarks with a nominal value of €13.5bn ($15.70bn) across a range of currencies and tenors. But investors clearly showed a preference for the seven year — of which there were seven deals, accounting for half of this week’s supply.
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German online hosting provider Host Europe set out price guidance on £535m-equivalent of leveraged loans on Thursday, as part of its acquisition of Intergenia. -
Enel, Italy's leading power company, announced on Wednesday that it would issue a benchmark 10 year bond in an exchange offer for up to €5.5bn of existing bonds, as part of a liability management exercise. The transaction is meant to extend Enel's maturity profile.
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After a flurry of mid-market leveraged financings, investors are now preparing for the first large cap deal of the new year. SIG Combibloc, the Swiss drinks carton maker, has invited lenders to bank meetings in London and New York.
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Investment grade corporate bond issuance soared on Wednesday with a €1.75bn ($2.03bn) dual tranche deal from Toyota Motor Credit; benchmark bonds from Iberdrola and Evonik; and debuts from US Reit WP Carey, and UK charity the Wellcome Trust. In total, €4bn of bonds were issued.
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Duration is for the second time this week the choice for a periphery eurozone sovereign, after Italy mandated banks for a 30 year benchmark on Wednesday. But there was more woe for Greece at the very short end, as yields on its 13 week bills rose by 25bp at auction.
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Pirelli, the Italian tyre maker, has revved up the year's loan market business with a €1bn facility signed last week, that the company said was three times oversubscribed.
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Book sizes for Tuesday’s offerings of senior fixed rate deals have fallen sharply, compared to the unusually swollen orders placed for new issues in recent days, but the market is still steaming ahead.
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German online hosting provider Host Europe will launch £535m-equivalent of leveraged loans this week, most likely on Monday afternoon, as part of its acquisition of Intergenia.
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Two more issuers built on a strong start to the year for euro-denominated floating rate notes on Monday, as UniCredit sold a five year bond and BNP Paribas opted for a two year tenor for its second FRN of the year. UniCredit was able to draw solid demand for its deal, despite printing at an aggressive level compared to its fixed rate curve.
